Home Depot’s CFO, Richard McPhail, stated on Tuesday that the company doesn’t plan to increase prices in light of President Trump’s tariff policies.
“We aim to keep our current pricing steady across our range of products as we leverage our size, suppliers, and our ongoing efforts in this area,” he mentioned during an interview.
By 2026, McPhail projected that no single nation, except the U.S., would account for over 10% of Home Depot’s purchases. The company primarily sources products domestically, with only limited imports from China and a few other countries.
While the president’s mutual tariffs have been paused for 90 days, it’s anticipated they will significantly impact businesses across various sectors, particularly the automotive industry.
Despite a drop in revenue during the first quarter, Home Depot reported sales exceeding estimates. The company forecasts a 2.8% growth in total sales for the entire year, according to CNBC.
This decision comes after Walmart was pressured by the Trump administration when retailers expressed concerns about potential price hikes stemming from tariffs on imports.
“Walmart needs to stop blaming tariffs for raising prices across the board,” Trump stated in a post on Truth Social. “Don’t charge more just to value your customers; they’re said to be ‘absorbing tariffs.’ I’m paying attention.”
Walmart addressed Trump’s remarks on Saturday, stating, “We strive to keep prices as low as we can, but that won’t change.” They emphasized their commitment to maintaining retail margins while managing prices.
Treasury Secretary Scott Bescent spoke with Walmart CEO Doug McMillon, indicating that the company might be absorbing some of the tariff costs.
“Walmart could take in some of the tariff impacts, while others may be passed on to consumers,” Bescent noted.
